H.R. 7326: Advancing Better Options for Dwellings Everywhere Act

The Advancing Better Options for Dwellings Everywhere Act, also known as the ABODE Act, is a proposed piece of legislation aimed at improving housing options, particularly for low-income households. The bill outlines several key provisions intended to enhance the availability and quality of affordable housing. Below are the main components of what the bill would do:

Grant Competition

The Secretary of Housing and Urban Development (HUD) is tasked with organizing a grant competition. The competition will award grants to various entities, including:

• Academic organizations
• Nonprofit organizations
• For-profit or nonprofit mission-driven developers

The purpose of these grants is to:

• Develop new or rehabilitate existing single-family and multi-family homes.
• Focus on households with incomes not exceeding 50% of the area median income.
• Reduce development costs.
• Enhance homes' resiliency and energy efficiency.
• Improve accessibility for individuals with disabilities.
• Select projects that can be scaled up.

Funding Use

Grants awarded through this competition will be given upon the completion of contracts for building a specified number of homes. These homes must meet pre-defined resiliency and energy efficiency standards to receive the funds.

Priority Areas

The Secretary will give priority to grant applications that:

• Focus on developing or rehabilitating homes in areas with significant affordable housing shortages.
• Emphasize quality, durability, and compatibility with neighborhood designs.
• Provide universal design elements to ensure access for individuals with disabilities.

Reporting Requirements

Within two years of the bill's enactment, the Secretary is required to provide a report to Congress covering:

• A description of the projects that were funded and completed.
• The number and sale or rental prices of the affordable homes built.
• The outcomes of the study regarding the energy efficiency and resiliency measures implemented in the homes.

Funding Authorization

The bill would authorize any necessary funds needed to implement these provisions, though the specific amount is not specified within the bill itself.

Relevant Companies

• LDOS (Leidos Holdings Inc.) - A company involved in construction and engineering services, which may benefit from increased demand for building affordable housing.
• DHI (D.R. Horton, Inc.) - A major homebuilder that could see opportunities in projects funded by this grant competition, particularly in affordable housing developments.
• MHLD (Maxwell Technologies Inc.) - As a company involved in renewable energy technologies, they might participate in energy efficiency initiatives under this act.